Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE))
Already attacking the lows Thursday after Wednesday’s momentary dead-cat bounce is a reflection of pessimism. That can be bullish from a contrarian perspective. Closing back above 1.3200-1.3230 would signal a much bigger bounce underway.
Gold Oct Contract (GC, ETF: (GLD))
Perhaps it was overnight Ukraine-Russia news that triggered a surge to 1296.00 resistance. The two days testing the 1284.50 pullback limit didn’t hurt. But the reaction back down under Tuesday’s 1291.00 high to 1288.00 maintains the pattern’s corrective character. Back under 1287.50 would signal momentum reversing down, confirmed under 1284.50. Closing above 1296.00 would still suggest a bigger rally underway.
Silver Sep Contract (SI, ETF: (SLV))
Overnight strength up to “higher prior lows” at 19.87 reversed back down at Thursday’s open and failed to hold the 19.60 sell signal. Another gap was left outstanding, but not very close, so that the attraction to filling it might generate momentum that restarts the decline.
30-year Treasury Sep Contract (US, ETF: (TLT))
Ongoing pessimism while filling the gap back up to 141-01 suggested that fulfilling the 141-06 target could retest the 141-21 prior high. Wednesday night’s surge extended to 141-30, so that closing Thursday back under 141-14 would signal the prior high’s retest had held. Closing back under 141-06 would signal that momentum was reversing down.
Crude Oil Oct Contract (CL, ETF: (USO))
Firming again Thursday probed above 94.00, putting into play at least 96.00 so long as pullbacks now hold 93.00.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Optimism ahead of Thursday’s EIA report hadn’t broken free from the attractions below, but wasn’t so optimistic as to suffer any consequences, so no setup was considered. In fact, the wide ranging session spiked up to 4.10 and down to 3.97, making no appreciable net move on the day.
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